Gold Price Analysis: Flag breakout suggests scope for a rise to $1,562


  • Gold's daily line chart is reporting a flag breakout. 
  • The pair could revisit resistances at $1,562 and $1,573. 

Gold is again looking north and could challenge resistance at $1,562.

The yellow metal 0.64% and closed at $1,556 on Wednesday, confirming a bull flag breakout on the daily line chart.

The pattern indicates the pullback from recent highs has ended and the rally from lows below $1,450 observed in December has resumed.

The flag breakout has opened the doors for a convincing move above the recent closing high of $1,573. However, on the way higher, the yellow metal will encounter resistance at $1,562 (Jan. 10 close).

At press time, the yellow metal is trading at $1,556 per Oz. 

Daily chart

Trend: Bullish

Technical levels

XAU/USD

Overview
Today last price 1556.76
Today Daily Change 0.48
Today Daily Change % 0.03
Today daily open 1556.28
 
Trends
Daily SMA20 1527.42
Daily SMA50 1491.09
Daily SMA100 1496.52
Daily SMA200 1434.82
 
Levels
Previous Daily High 1558.1
Previous Daily Low 1546.1
Previous Weekly High 1611.3
Previous Weekly Low 1540.3
Previous Monthly High 1525.1
Previous Monthly Low 1454.05
Daily Fibonacci 38.2% 1553.52
Daily Fibonacci 61.8% 1550.69
Daily Pivot Point S1 1548.88
Daily Pivot Point S2 1541.49
Daily Pivot Point S3 1536.88
Daily Pivot Point R1 1560.89
Daily Pivot Point R2 1565.5
Daily Pivot Point R3 1572.89

 

 

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